THE Reserve Bank yesterday cut interest rates to their lowest level since April 2009, but the spotlight is now on how much the banks will pass on.
The RBA cut the official cash rate by 25 basis points to 3 per cent, after a 25-point cut in October.
Bank of Queensland yesterday cut its variable interest rates by 0.2 percentage points but the four major banks are yet to move their rate.
Rate comparison website Ratecity .com.au said homebuyers would save $33 a month in repayments on the average Tasmanian home loan of $201,000 if cuts were passed on in full.
But not everyone was happy, with National Seniors chief executive Michael O'Neill saying it wasn't good news for the organisation's 3500 members in Tasmania.
"This interest rate cut, the fourth in 2012, comes as a blow to retirees who depend on their bank deposit returns for a small steady income," he said.
Tasmanian Industry Group executive officer Daniel Leesong said the cut provided much-needed relief heading into Christmas.
"Hopefully it will encourage Tasmanians to open their wallets and spend locally," he said.
"It will provide a much-needed stimulus, encourage investment and will assist the job market."
Real Estate Institute of Tasmania president Adrian Kelly said the timing of a cut was perfect for the Tasmanian market.
"Most members have been reporting increased buyer activity in the last two months so this will help," Mr Kelly said.
Housing Industry Association chief economist Harley Dale said the cut improved the prospect of a tangible recovery emerging in 2013 for new homes and renovation activity.
"Lower interest rates make a vital contribution to improving conditions for the residential construction industry, but government action is the key," he said.
Tasmanian Farmers and Graziers Association chief executive Jan Davis said any cuts would help farmers with their loan costs at a time when the Australian dollar was dead against them.
Reserve Bank Governor Glenn Stevens said the Board had decided to cut rates because global economic growth was forecast to be a little below average for a time.
nicholas.clark@news.com.au
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